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EHedger Report

RSS By: Dustin Johnson

Dustin works with a wide net of large producers throughout the Midwest. His analytical market approach and objective hedge strategy development is specific to the needs of every individual.

E Hedger Grain Commentary 3/24/10

Mar 24, 2010
Market Settlement Change Low High 
May corn 365    2 1/4 359 366.5
May wheat 476    - 3/4 472 478.75
May beans 960    -8    953.25 967.75
May soymeal 270.90 -1.00 267.5 272.5
May soyoil 39.08 -0.46 39.08 39.53
Apr live cattle 95.725 0.025 94.80 95.85
Apr lean hogs 71.125 -0.80 71.05 71.85
Grain markets traded mixed on the day. For the session corn closed slightly higher, wheat near unchanged, and soybeans 8 cents lower. As expected May corn and wheat tested the contract lows; both contracts traded exactly to those prices. The low for the year in May corn is $3.59 with the low close at $3.62. Trades below these levels may trigger stops and bring forward additional selling. The contract low was set at $3.25 last September. The same goes for Chicago May wheat, which has a contract low of $4.72. Otherwise, the outside markets weighed heavily on commodities. Crude oil was $1.50 lower, but the focus was on the sharply higher dollar that traded to its highest level since May of 2009. The US dollar was trading 1000 points higher above $82. 
The soybean sell off looks to be the result of prices consolidating after strong gains compared to corn and outlooks of growing spring soybean acreage. Meanwhile, corn closed higher on late short covering. This week corn vs. beans has reflected the “acreage battle” we have seen over the past couple years, but the difference this year is that there are plenty of available acres for both. Continue to expect a choppy, volatile trade. Weather appears to have taken a backseat for now as the market positions for the acreage report. As always, please call us with questions.

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Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. The market information contained in this message has been obtained from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Market information may not be consistent with current or future market positions of E Hedger, its affiliates, officers, directors, employees, or agents. Recipients assume the risk of reliance on and indemnify and hold E Hedger harmless for any and all losses, costs, or tax consequences incurred as a result of their use of market information.
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COMMENTS (3 Comments)

Weeeee, what a quick and easy soultoin.
7:21 AM Nov 1st
5:36 finally someone with a little common sense on these blogs, you are absolutely right only problem is farmers will always try to screw over one another for the sake of thinking they are bigger and better than their neighbor, if we could only put all that energy into trying to get fair prices everyone would benefit a hell of alot more.
8:01 PM Mar 25th
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